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Commonwealth Bank of Australia (CBA) Fair Value & Analysis

Financial Services · AU · Market cap A$282B (≈ $204B) · ISIN AU000000CBA7

What is Commonwealth Bank of Australia really worth?

CB Commonwealth Bank of Australia CBA · AU
PriceA$160.42
Fair ValueA$68.92
Upside−57.0%
Quality47/100

Below-average quality, and trading another 133% above our fair value of A$68.92.

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Strengths

Highly profitable · 36.4% net margin
Wide moat 74/100

Risks

!Expensive Growth (revenue 5y +14.7 %/yr)
!High debt · negative free cash flow
!Trails peers (5/14)
!Weak on balance sheet: 5 out of 100

For context

·3.09% dividend yield
Evidence: High Range A$51.69 – A$86.15

Fair value as of: Sep 3, 2026

From 6 valuation models · updated yesterday

Share price −10.0% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (A$86.15). The favourable scenario is already priced in.
  • Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

A$186.00 A$75.52 Fair Value A$68.92 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range A$75.52 – A$186.00 · fair‑value band A$51.69 – A$86.15 · the A$160.42 price screens above the A$68.92 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

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Analysis

Commonwealth Bank of Australia (CBA) currently trades at A$160.42, while our model-based Fair Value estimate is A$68.92, implying the stock looks roughly 132.8% overvalued today. The Quality Score stands at 47/100 (below-average quality), in the Financial Services sector. Bull case: the Dividend Discount group reads highest at a median of A$80.67 per share, and 0 of the 6 models we run sit above the A$160.42 price. Bear case: the Asset-Based group reads lowest at A$31.56, and 6 of the 6 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Commonwealth Bank of Australia generated revenue of A$28.5B at a net margin of 36.4%. Revenue grew 6.6% year over year. It earns a return on equity of 13.6%. Net debt stands at A$161B. Fundamentals as of Sep 3, 2026

Our scenario range runs from A$51.69 (bear case) to A$86.15 (bull case); at A$160.42, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 14% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −8% fair-value upside, at −57%, CBA screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 12 months have passed since. In that time the company retained roughly A$1.26 per share, which is 1.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income best evidence A$45.44 A$54.14 A$96.28 73
DDM Multi-Stage A$45.73 A$80.67 A$104.04 66
Gordon GGM A$45.73 A$99.83 A$167.97 65
All 6 models by family
Dividend Discount
Gordon GGM A$45.73 A$99.83 A$167.97 65
DDM Multi-Stage A$45.73 A$80.67 A$104.04 66
Multiples
P/E Multiple A$58.99 A$78.65 A$98.31 63
P/B Multiple A$49.47 A$65.96 A$82.44 55
Asset-Based
NCAV (Graham) A$23.56 A$31.56 A$47.11 54
Economic Profit
Residual Income best evidence A$45.44 A$54.14 A$96.28 73

Widest divergence: Dividend Discount (A$80.67) versus Asset-Based (A$31.56). Highest evidence: Residual Income (73).

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Key figures & financial health

P/E ratio 25.8
P/S ratio 3.75 P/E × margin
EPS (TTM) A$6.21 price ÷ EPS = P/E 25.8
Dividend yield 3.1% payout 79.7%
Net margin 14.5% FY2025
Return on equity 13.6% TTM
More key figures
Profitability
Return on assets (EBIT) 1.1% avg 5y
Operating margin 55.5% TTM
Growth
Revenue (TTM) A$28.5B TTM
Revenue growth (YoY) +6.6% 3y avg +35.4%
EPS growth (YoY) +4.5%
Balance sheet & cash flow
Free cash flow −A$2.5B FY2025
Net debt A$161B FY2025

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 40 · Market factors (momentum, volatility) 50

Profitability 29
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 14
Balance sheet, leverage, solvency risk
Investment 89
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 34
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Commonwealth Bank of Australia provides retail and commercial banking services in Australia, New Zealand, and internationally. It operates through Retail Banking Services, Business Banking, Institutional Banking and Markets, and New Zealand segments.

Full company description

Commonwealth Bank of Australia provides retail and commercial banking services in Australia, New Zealand, and internationally. It operates through Retail Banking Services, Business Banking, Institutional Banking and Markets, and New Zealand segments. The company offers savings and term deposit accounts, commonwealth direct investment accounts, and retail transaction accounts, as well as specialized accounts, such as statutory trust, society cheque, farm management, cash and treasury management, and business foreign currency deposit accounts. It also provides credit cards, personal and business loans, car and equipment finance, business overdrafts, margin lending, and international payment services; home loans; and buy-now-pay-later services. In addition, the company provides home and contents, car, health, life, income protection, pet, and travel insurance products. Further, it offers transaction banking, equity trading, and risk management products and services, as well as access to debt capital markets, capital raising, and investment and financial solutions. Commonwealth Bank of Australia was founded in 1911 and is based in Sydney, Australia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Commonwealth Bank of Australia reported revenue of A$69.7B in FY2025 versus A$29.4B in FY2021, a compound +24.1%/yr. Reported net income was A$10.1B in FY2025, compounding −0.2%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
A$69.7B
Latest YoY
+6.4%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+35.4%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.7%
Avg. revenue growth/yr (34Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.7%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+6.7% (3.6 + 3.1)
Revenue +24.1%/yr
FY21 A$29.4B
FY22 A$28.1B
FY23 A$48.6B
FY24 A$65.5B
FY25 A$69.7B
Net income −0.2%/yr
FY21 A$10.2B
FY22 A$10.7B
FY23 A$10.0B
FY24 A$9.4B
FY25 A$10.1B
Character of growth · EPS growth decomposed (2014-2025) +0.8 % p.a.
Revenue per share +4.4 %

of which total revenue +4.6 % · buybacks/dilution −0.2 %

EBIT margin −2.9 %
Tax rate −0.4 %
Residual (interest, one-offs) −0.1 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

CBA screens 133% overvalued. Compare with JPMorgan Chase & Co →

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Cite: Fair Value Calculator (2026). "Commonwealth Bank of Australia Fair Value". https://www.fairvalue-calculator.com/stock/CBA

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Banks - Diversified · 48 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 48 · Bottom 25%
Fair Value upside −57% · Bottom 25%
Return on equity (TTM) 14% · Above median
Return on assets 1% · Above median
Net margin (TTM) 36% · Above median
Operating margin (TTM) 56% · Top 25%
Revenue growth 7% · Above median
Dividend yield (TTM) 3.1% · Below median
Debt / equity 1.90× · Higher than median

Valuation Multiples vs Banks - Diversified median · lower = cheaper

P/E (TTM) 25.8× · Pricier than 75% of peers
P/B 2.59× · Pricier than 75% of peers
P/S (TTM) 7.15× · Pricier than 75% of peers
EV/EBITDA 18.7× · Pricier than median
PEG 3.49× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 14
FUTURE33 · sector 25
PAST55 · sector 42
HEALTH5 · sector 48
DIVIDEND62 · sector 70

VALUE 0: the price sits above our fair-value range.

Insider activity: 30/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Diversified stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

Stock Price Fair Value vs Fair Value
JPMorgan Chase & Co JPM $354.22 $217.97 −38%
Bank of America Corporation BAC $61.17 $50.87 −17%
China Construction Bank Corporation 601939 ¥10.55 ¥18.21 +73%
Industrial and Commercial Bank of China Limited 601398 ¥7.86 ¥14.44 +84%
HSBC Holdings HSBC $103.14 $75.89 −26%
Agricultural Bank of China Limited 601288 ¥6.79 ¥12.94 +91%
Royal Bank of Canada RY C$283.11 C$151.80 −46%
Bank of China Limited 601988 ¥6.14 ¥11.24 +83%
Wells Fargo & Company WFC $86.69 $79.60 −8%
Mitsubishi UFJ Financial Group MUFG $22.90 $20.50 −10%

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Frequently asked questions

Is Commonwealth Bank of Australia (CBA) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of A$68.92 versus a price of A$160.42, about −57% upside (overvalued).
What is the fair value of CBA?
Our model-based fair value for Commonwealth Bank of Australia is A$68.92 (as of Sep 3, 2026), built from audited fundamentals. The current price: A$160.42.
What is the quality score of CBA?
Commonwealth Bank of Australia has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Commonwealth Bank of Australia (CBA)?
Commonwealth Bank of Australia reported trailing-twelve-month revenue of about A$28.5B (latest available figure, as of Sep 3, 2026).
What is the net profit margin of CBA?
The net profit margin of Commonwealth Bank of Australia is about 36.4%, meaning it keeps roughly 36.4% of revenue as net income. Based on the latest reported figures.
Does Commonwealth Bank of Australia pay a dividend?
Commonwealth Bank of Australia currently shows a dividend yield of about 3.09% relative to its recent price (as of Sep 3, 2026).
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